The Supreme Court has issued a final ultimatum to Nowhera Shaik, Managing Director of Heera Gold Exim Private Limited—return ₹25 crore to investors within two months or face imprisonment. The order comes in connection with a nationwide fraud case where investors were allegedly deceived with promises of exorbitant returns.
A bench comprising Justices JB Pardiwala and R Mahadevan made it clear that failure to comply would lead to immediate cancellation of her bail. Additionally, the court barred Shaik from running any further advertisements, warning that any such activity would send her straight back to jail.
“This is the last opportunity. If ₹25 crore is not deposited within two months, her bail will be revoked, and she will be sent back to jail by the Enforcement Directorate,” the bench declared.
Shaik’s legal representative argued that she had no money, but the court was unmoved. “She must arrange it by any means necessary,” the judges insisted.
The Heera Gold scandal revolves around the company’s promise of a 36% return on investments—an offer that lured thousands of investors. When payments stopped, complaints flooded in from multiple states, leading to a probe by the Serious Fraud Investigation Office (SFIO). Cases remain pending across Telangana, Andhra Pradesh, Maharashtra, Karnataka, and Delhi.
Shaik had previously been granted interim bail in 2021, with the condition that she settle investor claims. The court’s message is now unequivocal: comply, or jail awaits.
